Mark Palace, CEO/Founder
Palace Properties International, Inc.
The insurance industry uses everything you would expect like location, flood zone, and age of a property to determine your insurance rate and then some things you might not expect using something called a C.L.U.E. report. This report calculates risk based on any previous claims made by the previous owners of the home, any insurance claims you have made in the past, and yes even your credit score. There is really no way to "pallbark" a number but ask your Realtor for a good insurance broker for a good start.
Florida insurance is CRAZY.....too much depends on where the house is...type of construction....home or mobile....age of home....size of the home...even the pitch of the roof and style of the roof. Are you on the water? If you are you might need to take out a second mortgage....lol...None of us here are able to give you even an estimate or a guestimate. DO yourself a favor and check with a licensed insurance agent. It can make a huge diference and given the incorrect information could really hurt YOU in the long run.
Best of Luck
As a mortgage broker, I need to qualify a borrower on their PITI (Principle, Interest, Taxes, and Insurance) payment. The way I calculate an insurance estimate is purchase price minus estimated land value (this gives me the home value). I take that figure and mulitply by .008. This gives me the estimated annual premium. While this figure is not exact it does give a rough idea of what one can expect.
To get more exact figures based on location, house type, etc. etc. etc., call an insurance professional to get the answer you are looking for. The sooner you can get the quotes, the better. It will make your pre-approvals more solid with the lenders.
Hope this helps.
Best of Luck
Principal First Realty